Ans. 4 | FIFO | LIFO | Avg. Cost | Spec. ID | |||||||
Sales | $32,946 | $32,946 | $32,946 | $32,946 | |||||||
(-) Cost of goods sold | -$20,496 | -21336 | -20837 | -21106 | |||||||
Gross margin | $12,450 | $11,610 | $12,109 | $11,840 | |||||||
*Calculation of sales: | |||||||||||
Date | Units | Rate | Cost | ||||||||
09-Mar | 250 | $85.80 | $21,450 | ||||||||
29-Mar | 120 | $95.80 | $11,496 | ||||||||
Total sales | $32,946 | ||||||||||
*WORKING NOTES: | |||||||||||
Ans. a | Perpetual FIFO: | ||||||||||
Purchase | Cost of goods sold | Balance | |||||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | ||
01-Mar | 90 | $50.80 | $4,572 | 90 | $50.80 | $4,572 | |||||
05-Mar | 220 | $55.80 | $12,276 | 90 | $50.80 | $4,572 | |||||
220 | $55.80 | $12,276 | |||||||||
09-Mar | 90 | $50.80 | $4,572 | ||||||||
160 | $55.80 | $8,928 | 60 | $55.80 | $3,348 | ||||||
18-Mar | 80 | $60.80 | $4,864 | 60 | $55.80 | $3,348 | |||||
80 | $60.80 | $4,864 | |||||||||
25-Mar | 140 | $62.80 | $8,792 | 60 | $55.80 | $3,348 | |||||
80 | $60.80 | $4,864 | |||||||||
140 | $62.80 | $8,792 | |||||||||
29-Mar | 60 | $55.80 | $3,348 | ||||||||
60 | $60.80 | $3,648 | 20 | $60.80 | $1,216 | ||||||
140 | $62.80 | $8,792 | |||||||||
Total | Cost of goods sold | $20,496 | Ending inventory | $10,008 | |||||||
*In FIFO method the units that have purchased first (earliest), are released the first one and the ending inventory | |||||||||||
units remain from the last (recent) purchases. | |||||||||||
Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 250 units @ $85.80 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 80 units @...
Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 80 units @ $50.60 per unit 215 units $55.60 per unit 240 units@ $85.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 75 units @ $60.60 per...
Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units @ $85.00 per unit 120 units @ $60.00...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 220 units @ $85.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 65 units @...
Required information (The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 150 units @ $52.00 per unit 250 units @ $57.00 per unit 310 units @ $87.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 110 units @...
Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit 270 units @ $86.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 90 units @...
Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 110 units @ $51.20 per unit 230 units @ $56.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 270 units @ $86.20 per unit 90 units @...
Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March ts Sold at Retail Units Acquired at Cost 230 units @ $53.60 per unit 290 units $58.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mer 29 Sales Totals 390 units @ $88.60 per unit 150 units 563.60 per...
Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 260 units @ $86.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 85 units @...
[The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Acquired at Cost 140 units @ $51.80 per unit 245 units@ $56.80 per unit 105 units @ $61.80 per unit 190 units@ $63.80 per unit 300 units...